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Sakthi Siva of Credit Suisse says while the slowing in China's return on equity (RoE) is well recognised and a key reason why MSCI China trades at a 27 percent discount on price-to-book versus RoE valuation model, she suspects most investors have not noticed a similar slide in India's RoE.
India's RoE has halved from its 2005 highs and its current level of 12.3 percent is similar to China's 12.2 percent, she adds.
After a flat opening, markets have turned weak with metals and select Index heavyweights dragging the Nifty below 7,700 mark.
The S&P BSE Sensex is down 58 points to quote at 25,279 and the Nifty50 is down 17 points to quote at 7,699.
Participants are patiently waiting for the Reserve Bank of India (RBI) monetary policy review due on April 5 amid hopes of a 25 basis points cut in interest rates. Meanwhile, volatility is likely to be witnessed this week on account of March series futures and options contracts expiry.
The SGX Nifty, trading 9.00 points up at 7720.00 at 7.38 AM, on Tuesday indicates a marginally positive opening for the 50-share Nifty.
Asian markets were trading mixed after US equities squeezed out gains overnight. The Nikkei 225 was up 1.94 percent despite having been under pressure in recent weeks due to the yen’s strength against the USD. The Hang Seng gained 0.23 percent while the Shanghai Composite was off 0.33 percent.
The market has started on positive note Monday. The Sensex is up 60.76 points or 0.2 percent at 25013.50, and the Nifty is up 14.85 points or 0.2 percent at 7619.20. About 346 shares have advanced, 110 shares declined, and 37 shares are unchanged.
SBI, GAIL, Lupin, Sun Pharma and Wipro are top gainers while Hero, Adani Ports, Dr Reddy's Labs, Infosys and Maruti are losers in the Sensex.
In a move that will hit the common man, the government today slashed interest rates payable on small savings including the popular public provident fund (PPF) and Kisan Vikas Patra (KVP) in a bid to align them closer to market rates.
As a part of its February 16 decision to revise interest rates on small savings every quarter, the interest rate on public provident fund (PPF) scheme will be cut to 8.1 percent for the period April 1 to June 30, from 8.7 percent, at present.
Similarly, the interest rate on KVP will be cut to 7.8 percent from 8.7 percent, according to a Finance Ministry order.
Lupin shares hit fresh 52-week low of Rs 1,624, down 3 percent intraday. CLSA downgraded the stock to underperform from buy and slashed target price to Rs 1,800 from Rs 2,162 earlier as it does not see near-term catalyst. It expects the stock to remain rangebound until clarity emerges on the Goa observations.
Out of nine USFDA observations in Form 483 on Lupin’s Goa plant, two are repeat from the July 2015 inspection (Observation No 2 and 4) while two are worrying (No 1 and 4), feels the brokerage.
The market climbed nearly 1 percent after dovish FOMC statement. Banking & financials, oil, infra, technology and auto stocks led rally while pharma stocks underperformed.
The 30-share BSE Sensex rose 204.71 points to 24887.19 and the 50-share NSE Nifty advanced 70.20 points to 7568.95. More than three shares advanced for every share declining on the Bombay Stock Exchange.
The 50-share Nifty is seen opening in the green on Wednesday in line with indicator SGX Nifty, which was trading 25.00 points higher at 7508.50 at 7.37 AM.
Asia markets were trading mixed, following a weak handover from Wall Street. Besides the outcome of the Federal Open Market Committee (FOMC) meet, investors are also awaiting any news from the National People's Congress meeting in China.
The S&P BSE Sensex is trading at 24,750 down 54 points, while NSE Nifty is trading at 7,514 down 24 points.
The BSE Mid-cap Index is trading down 0.02% at 10,300, whereas BSE Small-cap Index is trading up 0.21% at 10,342.
BHEL, SBI, ICICI Bank, Infosys, Maruti Suzuki, Tata Motors, Asian Paints and Coal India are among the gainers, whereas Lupin, HDFC, Sun Pharmaceuticals, Cipla, ITC, ONGC, NTPC, Wipro and TCS are losing sheen on BSE.
The market has opened on a strong note Monday. The Sensex is up 174.69 points or 0.7 percent at 24892.68 and the Nifty is up 51.70 points or 0.7 percent at 7561.90. About 598 shares have advanced, 110 shares declined, and 36 shares are unchanged.
Tata Motors, ICICI Bank, Hindalco, Adani Ports and Tata Steel are top gainers while Coal India, Bharti Airtel and BHEL are losers in the Sensex.
The Indian rupee has opened higher by 5 paise at 66.99 per dollar against 67.04 on Friday.
The market has opened on a flat note again due to muted global cues. The Sensex rose 32.27 points to 24655.61 and the Nifty advanced 8.50 points to 7494.65.
Reliance Industries, Hindalco Industries, NTPC, Larsen & Toubro, Coal India, BPCL and Tech Mahindra were early gainers while Sun Pharma, ICICI Bank, BHEL, M&M, SBI, IndusInd Bank and Bank of Baroda lost ground.
The Indian rupee has opened at 67.16 a dollar, lower by 9 paise compared to 67.07 a dollar in previous session.
The Indian equity market is likely to open in the green on back of positive global cues and the market indicator SGX Nifty trading up around 23 points 7557 at around 7.30 am.
Asia markets are trading higher this morning with the Nikkei bouncing back after the 1% cut we saw yesterday. China is set to release its February inflation numbers, while South Korea’s central bank will announce its monetary policy decision.
The US market ended higher in low volume, led by the direction of oil prices. Europe too ended in the green ahead of the European Central Bank (ECB) meet.
Back home, stocks closed mostly higher, as investors eyed the fluctuation in commodity stocks, ahead of today's European Central Bank policy meeting. A late surge helped our own market post healthy gains. The Nifty closed well above the 7500 mark helped by banking stocks and Sensex gained over 100 points.
Equity benchmarks remained under pressure. The Sensex fell 174.20 points or 0.71 percent to 24485.03 and the Nifty declined 46.10 points or 0.62 percent to 7439.20. About 1141 shares declined against 840 advancing shares on the BSE.
The SGX Nifty, trading down 7.50 points at 7503.00 at 7:29 AM indicates a negative opening for the 50-share Nifty on Tuesday.
Asian markets were trading mixed following a mild finish from US equities overnight. Revised government data showed the economy shrank at an annualized 1.1 percent in the final quarter of 2015. China's February trade figures are also due.
After a super rally, the market seems to be gushing with buyers in last month of the financial year. The Sensex is up 397.05 points or 1.7 percent at 24176.40, and the Nifty up 116.25 points or 1.6 percent at 7338.55. About 753 shares have advanced, 69 shares declined, and 23 shares are unchanged.
SBI, ICICI Bank, BHEL, Adani Ports and Axis Bank are top gainers in the Sensex. M&M, Sun Pharma and Coal India are major losers in the Sensex.